Charlotte-based Pharos Hospitality Raises $2.7 Million

Hotel operator Pharos Hospitality has raised $2.7 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.

Pharos raised the money from 34 investors, according to the filing.

The company has $300,000 left to raise to meet its goal of $3 million.

One hundred thousand dollars of the raised money is estimated to go to Chief Executive Officer Jess “Buddy” Watson III.

The Charlotte-based company was started in 2010 and specializes in a combination of hotel operating and investing.

Pharos develops, acquires, operates and owns boutique, independent, and franchised upscale and upper upscale hotels, focusing on upscale select service and franchise relationships with top-tier hotel brands.

Watson, who also founded the company, began working in the development, ownership and operating side of the hotel business in 1984.

Prior to entering the hotel business, he founded an advertising and marketing agency, which provided services to more than 50 hotels, along with providing all marketing aspects for a national hotel brand.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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